CRYPTO

Bitcoin’s Eyes Big $ 58K Resistance Reasons New Data Shows Holders Are Working Against Q1


Bitcoin (BTC) faced stiff resistance near its previous high last October, as a new push above 56 556,000 ended quickly.

BTC / USD 1 hour candle chart (bitstamp). Source: Tradingview

Buying dives? 53,000 is “reasonable”

Data from Cointelegraph Markets Pro and Trading View tracked BTC / USD as it dropped to a four-month high of $ 56,150.

The area near $ 58,000, which proved to be a sticking point for bulls at the beginning of the year, chased them back that day, which did not push analysts.

William Clement Commented.

“53 $ 53K would be a logical area to buy dives.”

BTC / USD 1-day annotated candle chart (Coinbase). Source: William Clement / Twitter

This level represents both the $ 1-trillion market capitalization limit for Bitcoin and a major resistance zone that has been acting as support since Wednesday.

“Hodled or lost” BTC has reached a nine-month high

Bitcoin is close to $ 60,000 – but this time, investors are adding to their position, not selling.

Related: CME Bitcoin Derivatives Traders Had ‘Paper Hands’ Because BTC Breaks 55 55K – Report

Data On-chain analytics firm Glassnode shows that the proportion of BTC supplies that are well hooded or lost is the highest in nine months.

The latest example of Bitcoin breaking away from the first step of its bull run in the fourth quarter of this year – “Huddled or Lost Coin” is now a total of 7,203,450,731 BTC.

Huddled and Lost Coin Chart. Source: Glassnode / Twitter

Nine months ago in January, supply was readily available and growing rapidly, as price discovery led to the realization of long-term investor profits.

Now, the opposite is happening – since August, BTC is back in Huddler’s hands.

BTC / USD was the eastern peak of the metric Q4 2020 2020 after surpassing the previous all-time high of 20,000

The figures matched the existing coverage of long-term hoodler behavior, reaching its own heights previously reported by Cointelegraph.